US-based payroll and payment platform Papaya Global has struck a deal to acquire digital money transfer service platform Azimo.
Financial terms of the deal were not disclosed. It is subject to regulatory approvals.
Founded in 2012, Azimo facilitates money transfers to more than 150 countries around the globe. The firm, which is backed by Greycroft, Quona Capital, and the European Investment Bank among others, has offices in Amsterdam, London, Krakow, and Hong Kong.
It is authorised in the UK by the Financial Conduct Authority, and regulated in the Netherlands by De Nederlandsche Bank, in Hong Kong by the Customs & Excise Department and in Australia by AUSTRAC.
The deal will provide Papaya access to Azimo’s global digital payment network and help the firm scale up its payroll payments capabilities worldwide.
In addition, Papaya will also gain payment licences in the UK, the Netherlands, Canada, Australia and Hong Kong through this acquisition.
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Papaya Global CEO and co-founder Eynat Guez said: “Payroll payments made easy regardless of geography are what set us apart from other technology vendors, and this acquisition will make it possible for companies to make instant payments to their global teams.
“Azimo’s global digital payment network, multiple payment licences, and deep fintech expertise will also enable us to build new payroll-related services for our business customers and their employees.”
Papaya plans to bring together its remote workforce management technology and Azimo’s cross-border payment networks to serve companies looking to manage their remote workforce, starting from onboarding to payments.
Azimo chairman and founder Michael Kent said: “Combining Azimo’s assets and expertise with an emerging global leader in remote working enablement like Papaya will allow them to deliver even more value for their business customers, especially those increasingly paying and managing remote employees.” Papaya and Azimo will continue to operate independently until the closing of the transaction. Following the transaction, Azimo’s team will join Papaya.